PHOENIX , Aug. 18 /PRNewswire-FirstCall/ -- Mesa Air Group, Inc.
(Nasdaq: MESA) (the "Company") today announced third quarter after tax income
Total Available Seat Miles ("ASMs") for the third quarter of fiscal 2008 decreased 10.9 % from the third quarter of 2007 primarily due to a decrease in the number of aircraft flown from 199, as of June 30, 2007 to 161 as of June 30, 2008 . At June 30, 2008 Mesa's operating fleet was comprised of 80 50-seat regional jets, 38 86-seat regional jets, seven 76-seat regional jets, 20 66-seat regional jets and 16 37-seat turboprops. Under the US Airways contract, the Company operated 51 regional jets and six turboprops. Under the United contract the Company operated 46 regional jets and ten turboprops. Mesa operated 41 regional jets for Delta. The Company also flew seven regional jets in Hawai'i, operating as go!
As of June 30, 2008 the Company's cash, cash equivalents, restricted cash
and marketable securities were approximately
Events during the third quarter included:
-- Fleet Changes: On May 16, 2008 , Mesa Air Group, Inc. returned 14 of
its 34 Beechcraft 1900D aircraft to Raytheon Aircraft Company. Raytheon
accepted the return of the aircraft and the subleases associated with four of
them. One result of the agreement was the elimination of approximately
-- Delta: Mesa won a preliminary injunction in the Federal Court in Atlanta on May 29, 2008 , enjoining Delta Air Lines from its attempt to terminate Freedom Airlines' ERJ-145 contract. Delta is appealing the decision and a court date is yet to be set.
-- go!: Mesa's go! operation in Hawai'i increased capacity to meet the
market's decrease in supply. Available Seat Miles increased 61% from the
prior quarter. Operating revenue increased
-- Hawaiian Settlement: A settlement was reached with Hawaiian Airlines
concerning a lawsuit over Mesa's inter-island flight services operating under
the go! brand name. In the second quarter Mesa received
-- Air Midwest: Air Midwest ceased all operation on June 30th, 2008 . This was consistent with prior announcements made in the previous fiscal year and in prior quarters.
EXCLUDING SPECIAL CHARGES, FOURTH QUARTER LOSS WAS $214 MILLION COMPANY REPORTS $2.1 BILLION LOSS FOR 2008; LOSS WAS $1.2 BILLION EXCLUDING SPECIAL ITEMS, WITH HIGHER FUEL...
- Fourth Quarter Recovery with Operating Income of $54.9 Million - - Record Revenues of $589.4 Million - - 2008 Net Loss of $273.8 Million...
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